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प्रश्न
Journalise the following transactions in the books Bhushan Oil Ltd.:
(a) 200 shares of Rs. 100 each issued at a premium of Rs. 10 were forfeited for the non-payment of allotment money of Rs. 60 per share. The first and final call of Rs. 20 per share on these shares were not made. The forfeited shares were reissued at Rs. 70 per share as fully paid-up.
(b) 150 shares of Rs. 10 each issued at a premium of Rs. 4 per share payable with allotment were forfeited for non-payment of allotment money of Rs. 8 per share including premium. The first and final calls of Rs. 4 per share were not made. The forfeited shares were reissued at Rs. 15 per share fully paid-up.
(c) 400 shares of Rs. 50 each issued at par were forfeited for non-payment of final call of Rs. 10 per share. These shares were reissued at Rs. 45 per share fully paid-up.
उत्तर
Case (a)
Books of Bhushan Oil Ltd.
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||||
|
|
Share Capital A/c (200 ×80) |
Dr. |
|
16,000 |
|
|||
| Securities Premium A/c (200 × 10) | Dr. | 2,000 | ||||||
|
|
|
To Share Allotment A/c (200 × 60) |
|
|
|
12,000 |
||
|
|
|
To Share Forfeiture A/c (200 ×30) |
|
|
6,000 |
|||
|
|
(200 shares forfeited @ ₹100 each issued at a premium of ₹10 for the nonpayment of allotment money ₹60 per share) |
|
|
|
||||
|
|
Bank A/c (200x 70) |
Dr. |
|
14,000 |
|
|||
|
|
Share Forfeiture A/c (200 ×30) |
Dr. |
|
6,000 |
|
|||
|
|
|
To Share Capital A/c (200 × 100) |
|
|
20,000 |
|||
|
|
(200 shares reissued @ ₹70 per share fully paid-up) |
|
|
|
||||
Case (b)
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
|||
|
|
Share Capital A/c |
Dr. |
|
900 |
|
||
|
|
Securities Premium A/c |
Dr. |
|
600 |
|
||
|
|
|
To Share Allotment A/c |
|
|
1,200 |
||
|
|
|
To Share Forfeiture A/c |
|
|
300 |
||
|
|
(150 shares @ ₹10 each forfeited for nonpayment of allotment money Rs 8 per share including premium ₹4) |
|
|
|
|||
|
|
Bank A/c |
Dr. |
|
2,250 |
|
||
|
|
|
To Share Capital A/c |
|
|
1,500 |
||
|
|
|
To Securities Premium A/c |
|
|
750 |
||
|
|
(150 shares @ ₹10 each reissued For ₹15 per share fully paid-up) |
|
|
|
|||
|
|
Share Forfeiture A/c |
Dr. |
|
300 |
|
||
|
|
|
To Capital Reserve A/c |
|
|
300 |
||
|
|
(Balance of Share Forfeiture Account transferred to Capital Reserve Account) |
||||||
Case (c)
|
Date |
Particulars |
L.F. |
Debit Amount (₹) |
Credit Amount (₹) |
||
|
|
Share Capital A/c |
Dr. |
|
20,000 |
|
|
|
|
|
To Share Final Call A/c |
|
|
4,000 |
|
|
|
|
To Share Forfeiture A/c |
|
|
16,000 |
|
|
|
(400 shares @ ₹ 50 per share forfeited for nonpayment of Final Call Rs 10 per share) |
|
|
|
||
|
|
Bank A/c |
Dr. |
|
18,000 |
|
|
|
|
Share forfeiture A/c |
Dr. |
|
2,000 |
|
|
|
|
|
To Share Capital A/c |
|
|
|
20,000 |
|
|
(400 shares @ ₹50 each reissued for ₹45 fully paid-up) |
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
14,000 |
|
|
|
|
|
To Capital Reserve A/c |
|
|
14,000 |
|
|
|
(Balance in Share Forfeiture Account transferred to Capital Reserve Account) |
|
|
|
||
APPEARS IN
संबंधित प्रश्न
Anish Limited issued 30,000 equity shares of Rs 100 each payable at Rs 30 on application, Rs 50 on allotment and Rs 20 on Ist and final call. All money was duly received. Record these transactions in the journal of the company.
Eastern Company Limited, having an authorised capital of Rs 10,00,000 in shares of Rs 10 each, issued 50,000 shares at a premium of Rs 3 per share payable as follows :
|
On Application |
Rs 3 per share |
|
On Allotment (including premium) |
Rs 5 per share |
|
On first call (due three months after allotment) and the balance as and when required. |
Rs 3 per share |
Applications were received for 60,000 shares and the directors allotted the shares as follows :
(a) Applicants for 40,000 shares received shares, in full.
(b) Applicants for 15,000 shares received an allotment of 8,000 shares.
(c) Applicants for 500 shares received 200 shares on allotment, excess money being returned.
All amounts due on allotment were received.
The first call was duly made and the money was received with the exception of the call due on 100 shares.
Give journal and cash book entries to record these transactions of the company. Also prepare the Balance Sheet of the company.
Kumar Ltd. purchased assets of Rs. 6,30,000 from Bhanu Oil Ltd. Kumar Ltd. issued equity share of Rs. 100 each fully paid in consideration. What journal entries will be made, if the shares are issued, (a) at par, and (b) at premium of 20%.
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Long Answer Question
State clearly the conditions under which a company can issue shares at a discount.
Arushi Computers Ltd. issued 10,000 equity shares of Rs. 100 each at 10% premium. The net amount payable as follows:
|
On application |
Rs. 20 |
|
On allotment |
Rs. 50 (Rs. 40 + premium Rs. 10) |
|
On first call |
Rs. 30 |
|
On final call |
Rs. 10 |
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|
With Application |
Rs 3 per share |
|
On allotment (including premium) |
Rs 5 per share |
|
On First call |
Rs 2 per share |
|
On Second and Final call |
Rs 2 per share |
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Record journal entries in the books of the company to record these transactions relating to share capital. Also show the company’s balance sheet.
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Prohibits any invitation to public to subscribe for shares and Debentures for ______.
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Which is the maximum amount of capital a company can issue ______.
Authorized share capital is also known as ______.
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When shares are allotted, which of the following account is credited?
When full amount is due on any call but it is not received, then the short fall is debited to ______.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5 : 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March, 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The partnership deed provided that interest on capital will be allowed @10% p.a. The amount of interest on Ishita's capital will be:
